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On Sunday, May 13, the median overnight interbank rate on the Egyptian pound rose to 11-1/4 percent from 3-1/2 percent on the previous Thursday. Interbank lending rates always tend to be higher on Sundays, at the beginning of a new trading week.

Bankers said trading was rather liquid, mostly due to the central bank’s repurchase operations and to the central bank’s recent lack of dollar sales.

The overnight interest rates ranged between 10-1/2 and 13 percent, relative to Thursday's 2-3/4 to four percent range. Additionally, the one-week rates reached 10-1/2 to 11-7/8 percent, whereas the quoting range on Thursday was between 8-1/2 and 9 percent, with very few banks involved in one-week interest rate trading.

The CAIBOR showed an overnight interbank rate of 10.9682 percent relative to Thursday's 9.1557 percent, according to Reuters news agency, which compiles the CAIBOR rates using average rates offered by 28 banks. The one-week rate reached 11.0000 percent compared with Thursday's 10.4318 percent. The exchange rate currently stands at 3.88 Egyptian pounds to the US dollar. — (MENA Report)